“Years ago they told us that we’d have to find a substitute for oil. Yet year after year the United States goes on producing more than sixty percent of the world’s oil, and digging gold and other metals at an undiminished rate.
“How can this go on? The slogan of oil men and ore miners gives the answer: ‘Let’s go deeper!’
“In 1917 we were told that all the oil in the United Staets would be exhausted by 1929. Ironically, 1929 saw the greatest year’s production of oil up to that time. Since then production has averaged a billion barrels a year, yet on January 1, 1938, there were proven reserves of 15, 500,000,000, enough at the present rate of production to last about 12 years.”
http://books.google.com/books?id=RdwDAAAAMBAJ&pg=PA827&dq=popular+mechanics+aircraft+carrier&hl=en&ei=NLCyTMG-BtHPngf_ru2oBg&sa=X&oi=book_result&ct=result&resnum=9&ved=0CEQQ6AEwCDgy#v=onepage&q&f=true
June 1939 Popular Mechanics.
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